Abasca Resources Confirms Anomalous Uranium Intersections In Its 2023 Winter Drill Program on Key Lake South Uranium Project
NEWS RELEASE
Abasca Resources Confirms Anomalous Uranium Intersections In Its 2023 Winter Drill Program on Key Lake
South Uranium Project
Abasca Resources Inc. – News Release 2023-03 May 24, 2023
#208 – 211 4th Avenue North, Saskatoon, SK S7K 2L8 Page 1 of 6
Abasca Resources Confirms Anomalous Uranium Intersections In Its
2023 Winter Drill Program on Key Lake South Uranium Project
May 24, 2023 – Saskatoon, Saskatchewan: Abasca Resources Inc. (“Abasca” or the “Company”) (TSX V: ABA) is
pleased to release geochemical assays from drillcore samples collected during its successful winter drilling
program on the 100%-owned 23,977-hectare Key Lake South Uranium Project (“KLS”). The Company drilled a total
of 11 holes (Figure 1) comprising 4,959 metres at the Mustang target area (“Mustang”), intersecting anomalous
radioactivity in 8 holes (previously released), and assays confirm anomalous uranium intersections.
Assay Highlights
• 9 of the 11 drillholes intersected anomalous uranium over a cumulative total core length of 13.85 m.
• KLS-23-004 intersected a total of 1.5 m of anomalous uranium, including 10 cm at 1260 ppm U.
• KLS-23-006 intersected a total of 3.4 m of anomalous uranium, including 79 cm at 897 ppm U and 43 cm
at 942 ppm U.
• KLS-23-009 intersected a total of 2.4 m of anomalous uranium, including 50 cm at 1010 ppm U.
Drilling Highlights
• Multiple stacked graphic fault zones intersected at major lithological contacts with overprinting fracture
zones, fault gouge, and fault breccia – Ideal features in other basement -hosted uranium deposits in the
Athabasca Basin region.
• Confirmed a nomalous uranium intersections located proximal to graphitic fault z ones that are also
elevated in pathfinder elements including up to 3540 ppm B, 267 ppm Ce, 350 ppm Cu, and 381 ppm V.
• Silicification, hematite and clay alteration observed in all drillholes within and proximal to fracture and
fault zones.
The identificatio n of silicification, hematite, and clay alteration with in reactivated fault zone systems and
coincident anomalous pathfinder element geochemistry, including Boron, Cerium and Copper, is essential to the
search for uranium deposits such as the Key Lake and Arrow uranium deposits of the Athabasca Basin of
Saskatchewan.
Brian McEwan, VP Exploration, stated: “the assay results of elevation uranium intersections and positive evidence
of pathfinder elements are very encouraging and confirm the presence of anomalous uranium at Mustang. We
look forward to continuing exploration at Mustang as well the remaining 8 kilometres along strike toward the
north.”
“Abasca is pleased with the findings of the winter drill program and will continue advancing the KLS project to its
full potentials for hosting uranium deposits. Plans for financing and logistics are on the way to start a summer drill
program in near future” stated Dawn Zhou, President and CEO.
NEWS RELEASE
Abasca Resources Confirms Anomalous Uranium Intersections In Its 2023 Winter Drill Program on Key Lake
South Uranium Project
Abasca Resources Inc. – News Release 2023-03 May 24, 2023
#208 – 211 4th Avenue North, Saskatoon, SK S7K 2L8 Page 2 of 6
Collected samples were sent to SRC Geoanalytical Laboratories in Saskatoon, Saskatchewan , an independent
laboratory accredited under ISO/IEC 17025:2017 for preparation and ICP-MS multi-element analysis and Boron by
fusion. Blanks, standard reference materials, and repeats were inserted into the sample stream at regular intervals
in accordance with Abasca’s quality assurance / quality control procedures.
For more information and an overview of the Key Lake South Uranium Project, please visit the Company’s website
at https://www.abasca.ca.
NEWS RELEASE
Abasca Resources Confirms Anomalous Uranium Intersections In Its 2023 Winter Drill Program on Key Lake
South Uranium Project
Abasca Resources Inc. – News Release 2023-03 May 24, 2023
#208 – 211 4th Avenue North, Saskatoon, SK S7K 2L8 Page 3 of 6
Figure 1: Map of the Mustang target area showing historic and 2023 winter drillhole locations.
NEWS RELEASE
Abasca Resources Confirms Anomalous Uranium Intersections In Its 2023 Winter Drill Program on Key Lake
South Uranium Project
Abasca Resources Inc. – News Release 2023-03 May 24, 2023
#208 – 211 4th Avenue North, Saskatoon, SK S7K 2L8 Page 4 of 6
Table 1: Composited uranium assay results from winter 2023 drilling.
Drillhole ID Azimuth Inclination Total
Length (m)
From
(m)
To
(m)
Length
(m)
U
(ppm)
KLS-23-001 280 -65 546 No anomalous uranium
KLS-23-002 280 -65 477 281.40 281.55 0.15 189
KLS-23-003 280 -65 393
214.00 214.20 0.20 139
214.20 214.70 0.50 141
219.90 220.00 0.10 150
260.60 260.70 0.10 540
KLS-23-004 280 -65 417
309.50 310.00 0.50 104
310.00 310.50 0.50 156
310.50 310.60 0.10 1260
310.60 310.70 0.10 179
327.35 327.50 0.15 565
340.65 340.80 0.15 110
KLS-23-005 280 -65 414
352.95 353.45 0.50 176
353.45 353.60 0.15 601
353.60 354.10 0.50 220
KLS-23-006 280 -65 420
317.10 317.60 0.50 126
328.70 329.17 0.47 470
329.17 329.71 0.54 80
329.71 330.00 0.29 835
330.00 330.50 0.50 933
330.50 330.95 0.45 80.6
330.95 331.17 0.22 413
331.17 331.60 0.43 942
KLS-23-007 280 -65 603
419.50 420.00 0.50 239
427.00 427.50 0.50 105
427.50 428.00 0.50 15
428.00 428.50 0.50 176
KLS-23-008 280 -65 459
298.50 299.00 0.50 126
299.00 299.50 0.50 162
299.50 300.00 0.50 129
KLS-23-009 280 -65 426
191.50 191.60 0.10 197
205.00 205.50 0.50 264
205.50 206.00 0.50 1010
209.00 209.50 0.50 104
209.50 210.00 0.50 165
NEWS RELEASE
Abasca Resources Confirms Anomalous Uranium Intersections In Its 2023 Winter Drill Program on Key Lake
South Uranium Project
Abasca Resources Inc. – News Release 2023-03 May 24, 2023
#208 – 211 4th Avenue North, Saskatoon, SK S7K 2L8 Page 5 of 6
Drillhole ID Azimuth Inclination Total
Length (m)
From
(m)
To
(m)
Length
(m)
U
(ppm)
345.40 345.60 0.20 507
345.60 345.70 0.10 206
KLS-23-010 280 -65 408 No anomalous uranium
KLS-23-011 280 -65 396
192.33 192.83 0.50 157
269.75 270.00 0.25 252
329.90 330.00 0.10 135
Parameters:
• All lengths are as measured downhole and do not represent true thickness.
• Maximum internal dilution of 2.00 m.
• 100 ppm uranium (total digestion) cut-off.
• “Anomalous” uranium refers to any assay value equal to or greater than 100 ppm.
• All samples within composite lengths show in table.
Qualified Person
The technical information in this news release has been reviewed and approved by Dave Billard, P.Geo, a Qualified
Person as set out in National Instrument 43 -101 - Standards of Disclosure for Mineral Projects. Mr. B illard is a
director of Abasca.
About Abasca Resources Inc.
Abasca is a mineral exploration company that is primarily engaged in the acquisition and evaluation of mineral
exploration properties. The Company owns the Key Lake South Uranium Project, a 23,977 -hectare uranium
exploration project located in the Athabasca Basin Region in northern Saskatchewan, approximately 15 km south
of the former Key Lake mine and current Key Lake mill.
On behalf of Abasca Resources Inc.
Dawn Zhou, M.Sc, CPA, CGA
President, CEO and Director
For more information visit the Company’s website at https://www.abasca.ca or contact:
Abasca Resources Inc.
Email: [email protected]
Telephone: +1 (306) 933 4261
NEWS RELEASE
Abasca Resources Confirms Anomalous Uranium Intersections In Its 2023 Winter Drill Program on Key Lake
South Uranium Project
Abasca Resources Inc. – News Release 2023-03 May 24, 2023
#208 – 211 4th Avenue North, Saskatoon, SK S7K 2L8 Page 6 of 6
Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of
the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this news release.
Forward-Looking Statements
This news release may contain certain forward -looking information and statements (“forward -looking
information”) within the meaning of applicable Canadian securities legislation that are not based on historical fact,
including without limitation statements containing the words "believes", "anticipates", "plans", "intends", "will",
"should", "expects", "continue", "estimate", "forecasts" and other similar expressions. Forward-looking
information reflects management’s current beliefs with respect to future events and is b ased on information
currently available to management. Forward-looking information contained in this news release includes, but is
not limited to, statements relating to a follow up exploration program at Mustang and the testing of the other
target areas at KLS, as well as a financing to fund such exploration work. Readers are cautioned to not place undue
reliance on forward -looking information. Actual results and developments may differ materially from those
contemplated by these statements. Abasca undertakes no obligation to comment on analyses, expectations , or
statements made by third -parties in respect o f Abasca, its securities, or financial or operating results (as
applicable). Although Abasca believes that the expectations reflected in forward-looking information in this news
release are reasonable, such forward -looking information has been based on exp ectations, factors , and
assumptions concerning future events which may prove to be inaccurate and are subject to numerous risks ,
uncertainties and factors, certain of which are beyond Abasca’s control, including the impact of general business
and economic conditions; risks related the exploration activities to be conducted on KLS, including risks related to
government and environmental regulation; actual results of exploration activities; industry conditions, including
uranium price fluctuations, interest a nd exchange rate fluctuations; the influence of macroeconomic
developments; business opportunities that become available or are pursued; title, permit or license disputes
related to KLS ; litigation; fluctuations in interest rates; and other factors . In add ition, the forward -looking
information is based on several assumptions which may prove to be incorrect, including, but not limited to,
assumptions about the availability of qualified employees and contractors for the Company’s operations and the
availability of equipment. The forward-looking information contained in this news release are expressly qualified
by this cautionary statement and are made as of the date hereof. Abasca disclaims any intention and has no
obligation or responsibility, except as requi red by law, to update or revise any forward -looking information,
whether as a result of new information, future events or otherwise.